The ascendency of India as an economic world power

India is no longer a poor country. India has now one of the highest growing economies in the world. The other day, I wrote that India was one of the top markets for Dubai products. Now, I could find that India is also the fifth largest market for Saudi exports. India imports a significant portion of its oil demand from Saudi Arabia.

The Hindu wrote:

India is the Kingdom's fourth largest trading partner and the total bilateral trade reached USD16 billion in 2007. The Kingdom is now the 13th largest market for Indian exports and a source of 5.5 per cent of India's total imports.

By exporting half a million barrels of oil per day and a total of about 24 million tons annually, the Kingdom meets nearly a quarter of India's total oil requirements

Many Indian workers work in Saudi Arabia and they send money back to India regularly. However, I think there is still a lot of room for growth in bilateral trade between the two countries. Indian government officials should explore more opportunities to increase bilateral trade.